IMPORTANT TO NEW ZEALAND. THE NEW STEAMSHIP LINE. TYSER'S LAST MOVE. London, October 4.

Te Aroha News, Volume VII, Issue 420, 16 November 1889, Page 5

IMPORTANT TO NEW ZEALAND. THE NEW STEAMSHIP LINE. TYSER'S LAST MOVE. London, October 4.

Smi'i'iNG circles just now are agitated over a new commotion, sot on foot by those stormy petrels of marino atlairs, the Messrs Tjser, who a few years ago after waging a fiery warfare with the "king" ware received much to their own advantage into the boaom of that potent combination. Fortune seemed to .smile on them in other directions, for in IGB7 thoy became the superintending agents of the Colonial Union Company (Limited), and somewhat later the brokers ot the New Zealand Shipping Company. In the later capacity things have not boing going altogether smoothly with them ot late, owing to their wings having been somewhat clipped in regard to the extent of the authority which thoy expected to wield over the fortunes of the latter Company. It is in relation to the Colonial Union Line, however, that the greatest contretemps has arisen, and one which seems likely to initiate endless litigation. This company has now been in existence about two years, and at tiist worked at a alight loss despite the fact that they entered iuto larjre contracts for the conveyance of frozen meat from New Zealand, and to a leaser extent from Kockhampron in Queensland. Of late, however, the frozen meat trade haspioved mote lucrative, besides? which the company enteied into a pool agreement with its two New Zealand rivals— the New Zealand Shipping and the Shaw, Savill and Albion Companies — by which the trio a^teed to divide between them in cer'ain stated proportions all receipts for freightage of tro/en meat up to a total of, I think, 1,200,000 carcases. Beyond that n'guie, the receipts were to be shared equally. Messrs Gray, Dawos and Co., on behalf of British India a&sociated steamers, took 10,000 pounds' worth of shares in the Colonial Union Company, thus becoming the largest single shareholders, and the Messrs Nelson, the well-known frozen moat tradeis, £5,000, and altogether a capital of £43,000 was paid up. A few weeks asro the public weie somewhat but prised to leain that the Meisrs Ty.=er had become concerned in the start ot a fresh company entitled the Tyser Line (Limited). Later on it leaked out that in Ihefoimation ot the new company no less than lour of the directors of the Colonial Union Company, viz., the Messrs Tyser, and Messrs Bush by and Wright, had taken the leading pait. Subsequently at a directors' meeting, from which Mr Benh&m, one of the Board, was absent, it was decided to enter into an agreement with the newly-formed Tyser Line for the transfer to them of the business of the Colonial Union Company, the Tyser Lime giving the Colonial Union shareholders five per cent, debentures in their company in lieu of and to the same amount as their holding in the former. In the meantime and pending the confirmation of the agreement by the Colonial Union shareholders the four directors concerned in forming the Tyser Live resigned their positions on the board of the -former. Immediately subsequent to the second annual meeting of the Company, on the 23rd of last month, an extraordinary meeting was held, when tho confirmation of the agreement was moved, it being argued hy the Messrs Tyser and their supporters that the new concern would bo able to make better arrangements as to capital, etc., than was possible with the old j and that the shareholders of the latter with a guaranteed five per cent. in the new Company would hold a much better position as shareholders in a concern which was not yet even dividend paying. Mr Ben ham and Mr Dawes showed cause on the other sido, the latter objecting to the suddenness and secrecy of the whole affair, and expressing his resolution not to accept voluntarily the changed position, psjop^cV. He much preferred his chancy o,f profit* v* the Golonial Union to v s\ guaranteed five per cent, in fr.be Lj\ue. Ii tho prospects p£ \\\e Goioniai Union wore so dark, what s>orb of security would tho debenture holders in the Tyser Lino have on a mortgage of what was practically only tho saw©,.

business transferred ? Mr I)awo3 also asserted that the Board could, if they liked, have declared a handsome dividend for the year just closed, the accounts (including the sum of £5,682 to credit under the pool arrangement) showing a profit of fully 25 per cent on the paid-up capital, out of which a dividend of 10 per cent, might have been paid, and 15 per cent, have gone to provide for deterioration. .Despite these protests, the agreement was confirmed by 38,588 votes to 15,512 the Nelson contingent swelling the majority, their interest lying more in the direction of cheap freights just now than shipping profits at a later date. At the hottom of the whole thing probably is the rivalry which prevails between the Messrs Ty&er and Mr Dawes in reference to the affairs of the New Zealand Shipping Company. In tno latter case Mr Dawcs hold? an undoubted predorainence, but in that of the Colonial Union the Ty?er interest is so decidedly in the ascendant as to bo able to return tit for tat in very substantial measure. They laugh be&t, howex er, who laugh last, and Mr Dawes may yet be the victor should the proceedings ho is taking for an injunction to restrain the transfer turn out successful.